It is expected that these shares will be sold to a broad range of Australian and global equity market institutional investors.

The company said that the March 27 announcement does not alter Chevron’s focus on moving the Gorgon and Wheatstone liquefied natural gas (LNG) projects toward startup.

The current trademark licensing agreement between Chevron and CAL will remain in effect following the transaction. Chevron will continue to ensure that a supply of product is available to CAL to supply to its retail and reseller franchise network. Chevron is also committed to seeking long-term relationship opportunities with CAL.